• Business - Companies
  • Updated: April 30, 2024

Opay speaks on new CBN directives, says non-compliant accounts closed, onboarding paused

Opay speaks on new CBN directives, says non-compliant accoun

One of the fintech companies that Nigeria's Central Bank has prohibited from accepting new clients, OPay, claims that it has terminated accounts that aren't compliant, put in place stringent security measures, and trained users on how to prevent fraud.

This was revealed on Tuesday in a statement posted on its official X Twitter.

"We are still dedicated to collaborating closely with the Central Bank of Nigeria (CBN) and other oversight organisations to combat financial crimes such as money laundering, fraud, and financing of terrorism," OPay stated in the statement.

OPay declared itself to be a regulatory-compliant organisation, according to the guidelines established by the CBN and other authorities to protect the integrity of the financial system.

"We have implemented stringent security measures, closed non-compliant accounts, and educated customers to help combat fraud in order to achieve this," the statement stated further. 

Opay and three other Fintech businesses have temporarily halted new clients onboarding and wallet creation to help the government's attempts to clean up the financial industry.

"This action reflects our commitment to a secure financial environment and fighting against illicit activities," the business stated in its statement.

OPay promised its clients that current accounts and wallets will be unaffected by the CBN's decision.

“We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure. Customer satisfaction is our top priority, and we are committed to promoting financial inclusion and economic growth as key players in Nigeria’s financial ecosystem,” the company added. 

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